Each year, NYC is home to thousands of film and TV productions, ranging from big-name blockbusters to your friend’s weird web series that you guest starred in that one time.
Now, as announced by Governor Andrew Cuomo and the Empire State Development Corporation in a statement, the city is set to welcome major investments from Netflix (heard of it?) totalling as much as $100 million.
“Netflix is innovative, creative and bold — just like New Yorkers” said Cuomo in a statement. “We’re proud Netflix chose New York to grow its business, and we look forward to the jobs, economic activity and world-class productions this project will bring.”
While Netflix does already have an office in the city, operations at 888 Broadway have thus far been limited to 32 employees (Netflix is estimated to have a total of 5,400 employees worldwide). Now, at least 127 new employees will be joining the current team at the expanded office space. Roles will range from development to production, legal, publicity and more.
The company’s fresh new Flatiron offices will be complemented by an additional 161,000 square feet of soundstage space in Brooklyn’s East Williamsburg neighborhood, which is home to plenty of artsy warehouses. The total of six soundstages are expected to be completed in the next five years, and create swaths of additional production jobs.
If Netflix proves capable of creating at least 127 jobs in the next five years, and retaining those jobs over an additional five years, they will be eligible for as much as $4 million in Excelsior Tax Credits.
Per the Mayor’s Office of Media and Entertainment, New York also provides up to 30 percent in tax credits on qualifying film and television productions. These numbers have no doubt served as a major draw for filmmakers over the years (California, by comparison, only offers a maximum of 25 percent), and have helped establish NYC as a filming destination.
While Netflix may not be comparable to Amazon in size and scope, one can’t help but hear this news and draw comparisons. Except, in the case of Netflix, this deal brings us all one step closer to appearing as extras in Russian Doll.
